Publication ceased during the Falklands War of 1982, but resumed in June of that year with the iconic "Victory, Freedom and a Future" issue.

But Seamount's fishing operation failed and its bankruptcy threatened to take Penguin News with it.

The Falkland Islands Government took control of Seamount's assets, and legislation, was passed for the Media Trust to guarantee the independence of the paper.

[1] Today, with a staff of four led by editor Lisa Watson, the paper is financially sound and maintains an important place as one of the main sources of news and opinion in the Falklands.

[1] Penguin News is published online behind a paywall through the paper's website.